Abstract

CRONY CAPITALISM GOES GLOBAL

This article presents information on William Conway, managing director and co-founder of the Carlyle Group. To give Conway his due, Carlyle has done exceedingly well for the 435 pension funds, banks and investment funds 40 percent from overseas-that have entrusted their money to one of the world's largest private equity funds. Under the leadership of Frank Carlucci, a former CIA deputy director who was Defense Secretary in the U.S. President Ronald Reagan Administration, Carlyle has become the nation's eleventh-largest defense contractor, a major arms exporter to Saudi Arabia and Turkey, one of the biggest foreign investors in South Korea and Taiwan, and a key player in global telecommunications, wireless, real estate and healthcare markets.